Wednesday, February 19, 2020

Researcher Receives Death Threats after Claiming XRP Valued At $6 Billion Is Mere Hype

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

A researcher’s report on January 24 about Ripple’s (XRP) market capitalization has stirred a lot of controversies. That may not be Ryan Selkis’ only problem since he claims to have received a series of death threats from the Ripple community. Selkis’ report which states that Ripple’s market cap has been overstated by $6 billion is believed to have triggered these threats.

Ripple’s Market Cap Has Been Overstated by 48 Percent

Reportedly, Ryan Selkis, a researcher recently released a document which states that Ripple’s market cap has been overstated by 48%. The company has significantly overvalued the worth of their digital asset by $6.1 billion, said the researcher. He also stated that the total market cap for XRP should be $6.9 billion instead of the $13.0 billion which the company has led people on.

In the same vein, Selkis’ report pointed out that while this data may be true to an extent, it is misleading because 5.9 billion XRP has not been released to the public yet. According to him, his findings were based on the data provided on third-party cryptocurrency websites and exchanges. He also added that he has reached out to the company’s representatives for comments, but received none so far.

Ripple Community Fires Researcher’s Comments

While these comments may have been made in good faith to help people make informed decisions, it appears the Ripple community has not taken it lightly. Following his blog post, the researcher made a tweet on January 24 to notify the public that someone has called his home to recite his wife’s birthday.

Several comments from the community met Ryan Selkis’ allegations. A user, for instance, said: “Nothing more normal than calling for war against a company CEO because you got a call from an unknown caller reciting your wife’s birthday.

Researcher Calls on Ripple’s CEO to Denounce Community’s Actions

The tweet was not the last of its kind given that others of this nature were followed hours later. In one of the messages, the researcher asked Brad Garlinghouse, Ripple’s CEO to denounce the behaviour and discourage people from doing such.

Selkis, on the other hand, was able to get the sympathy of some members of the community. A user, however, said: “But asking #Ripple for a statement is like asking #Apple to make such a statement as well because there are iPhone users who commit crimes, even by using iPhones.

Further reports also reveal that this is not the first time the researcher has criticized the digital asset, Ripple. An instance of this is a blog post he made on January 4, 2018. Here, he had stated that XRP is a bad cryptocurrency and not innovative because it is a centralized protocol. Like his recent tweet, the community did not take this one lightly.

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